Intelligent Imaging Innovations Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

Intelligent Imaging Innovations Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10307999 . The registered office is Unit 2 Beverley Court, 26 Elmtree Road, Teddington, Middlesex, TW11 8ST .

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

At the time of approval of the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

2.3. Significant judgements and estimations

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings

25% straight line

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Intelligent Imaging Innovations Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Financial Instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual

provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a

financing transaction, where it is recognised at the present value of the future payments discounted at a market rate

of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are

publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair

value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at

cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is

deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the

asset is measured at the present value of the future payments discounted at a market rate of interest for a similar

debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss,

with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the

end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or

loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these

are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis

of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result

in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the

impairment not previously been recognised.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.9. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.10. Presentation Currency

The financial statements are presented in Sterling.

2.11. Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand and demand deposits with financial institutions.

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Intelligent Imaging Innovations Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.12. Employee Benefits

Employee benefits are expensed in the period the related service is rendered.

1. Short-Term Employee Benefits

Wages, salaries, paid annual leave, sick leave, and bonuses are recognised as an expense in the period in which the associated services are rendered by the employees.A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. A provision is made for the cost of accumulating compensated absences, such as holiday pay, earned but untaken by employees at the reporting date.

2. Post-Employment Benefits

The Company operates both defined contribution and defined benefit pension schemes.Defined Contribution Schemes: Contributions to defined contribution schemes are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.Defined Benefit Schemes: The liability recognised in the balance sheet in respect of defined benefit pension schemes is the present value of the defined benefit obligation at the reporting date less the fair value of scheme assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised immediately in Other Comprehensive Income (OCI).

3. Other Long-Term Employee Benefits

The Company’s net obligation in respect of long-term employee benefits, such as long-service leave or jubilee benefits, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognised in the profit or loss in the period in which they arise.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2023: 3)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 January 2024	19,686
Additions	2,088

As at 31 December 2024	21,774

Depreciation
As at 1 January 2024	16,026
Provided during the period	2,342

As at 31 December 2024	18,368

Net Book Value
As at 31 December 2024	3,406

As at 1 January 2024	3,660

5. Stocks

	2024	2023
	£	£
Stock	344,265	297,039

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Intelligent Imaging Innovations Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	71,324	338,682
Other debtors	27,250	51,454

	98,574	390,136
Due after more than one year
Amounts owed by group undertakings	488,365	294,638

	586,939	684,774

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	153,421	305,189
Other creditors	452,988	213,981
Taxation and social security	104,812	45,366

	711,221	564,536

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other creditors	-	237,821

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

10. Related Party Transactions

The company has taken advantage of the exemption available in accordance with Section 1AC.35 of Financial Reporting Standard 102 whereby it has not disclosed related party transactions unless required to ensure the financial statements give a true and fair view or where such disclosures are required by law

11. Ultimate Controlling Party

The company's ultimate controlling party is Intelligent Imaging Innovations Inc, a company incorporated in the United States, by virtue of its shareholding in the company.

12. Auditor Fees

Auditor’s fee for the year for audit services was £10,500 (2023: £9,500)

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		3,406		3,660

			3,406		3,660
CURRENT ASSETS
Stocks	5	344,265		297,039
Debtors	6	586,939		684,774
Cash at bank and in hand		132,741		17,973

		1,063,945		999,786
Creditors: Amounts Falling Due Within One Year	7	(711,221 )		(564,536 )

NET CURRENT ASSETS (LIABILITIES)			352,724		435,250

TOTAL ASSETS LESS CURRENT LIABILITIES			356,130		438,910

Creditors: Amounts Falling Due After More Than One Year	8		-		(237,821 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(647 )		(695 )

NET ASSETS			355,483		200,394

CAPITAL AND RESERVES
Called up share capital	9		2		2
Income Statement			355,481		200,392

SHAREHOLDERS' FUNDS			355,483		200,394